Chattel Securities Act 1987

If there are 2 or more security interests in respect of the same goods and one or more of those security interests is registered under Part III, those interests, subject to this section, rank in priority with respect to all debts or other pecuniary obligations (including contingent obligations) and all other obligations respectively secured under them whenever arising in the order in which they are so registered.

The order of priority of security interests in subsection (1) is subject to any express contrary provision in the Corporations Act 2001 of the Commonwealth and to any agreement between the holders of the security interests.

If, before the registration of a security interest, the secured party in respect of any other security interest in the same goods takes possession of the goods, the second‑mentioned security interest, subject to subsection (2), ranks in priority to the registered security interest with respect to those goods.